Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cleveland County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $74,580 | $123,805 | $242,182 |
| Price Trend (Annual %) | 116.7% | 5.2% | 8.2% |
| Median Gross Rent | $634 | $913 | $1,342 |
| Rent Trend (Annual %) | -0.3% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cleveland County is about 40% lower than in Arkansas. Rent is about 31% lower than the Arkansas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2021
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Cleveland County: home prices rose about 116.7% a year while rent fell about 0.3% a year. That is an unusual pattern worth watching.
Median rent in Cleveland County rose about 1.2% between 2015 and 2023, from $627 to $634. Over the same span, rent in Arkansas rose about 35.1%.
Affordability
On average, housing unit costs 1.5 yearly household incomes in Cleveland County.
Buying the median-priced home in Cleveland County costs roughly 9.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cleveland County. The price-to-rent ratio in Arkansas is about 11.3.
| Metric | Cleveland County | Arkansas Avg | US Average |
|---|---|---|---|
| Median Home Price | $74,580 | $123,805 | $242,182 |
| Median Household Income | $50,799 | $58,772 | $78,145 |
| Price-to-Income Ratio | 1.5 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2021, the median home price in Cleveland County rose about 60.5%, while median household income rose about 44.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cleveland County | Arkansas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.5% | 56.9% | 58.2% |
| Rental Rate | 16.1% | 29.1% | 31.3% |
| Vacancy Rate | 22.4% | 14.0% | 10.6% |
| Median Tenure (years) | 20.0 | 14.0 | 15.0 |
| Median Year Moved In | 2006 | 2012 | 2011 |
Cleveland County has a homeownership rate of 61.5%, higher than the Arkansas average of 56.9%. Its housing vacancy rate is 22.4%, compared with 14.0% in Arkansas.
Housing Stock
| Metric | Cleveland County | Arkansas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1984 | 1986 | 1978 |
| Median Number of Rooms | 5.8 | 5.5 | 5.5 |
The typical housing unit in Cleveland County was built around 1984. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cleveland County, Arkansas.
What is the median home price in Cleveland County, Arkansas?
The median home price in Cleveland County, Arkansas is $74,580, lower than the Arkansas average of $123,805.
What is the average home price in Cleveland County, Arkansas?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cleveland County, Arkansas?
The median gross rent in Cleveland County, Arkansas is $634 per month, lower than the Arkansas average of $913.
What was the median gross rent in Cleveland County in 2020?
In 2020, the median gross rent in Cleveland County, Arkansas was $617 per month.
What is the price-to-rent ratio in Cleveland County, Arkansas?
The price-to-rent ratio in Cleveland County, Arkansas is about 9.8, meaning it would take roughly 9.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Cleveland County.
Are home prices or rent rising faster in Cleveland County, Arkansas?
Home prices and rent are moving in opposite directions in Cleveland County: home prices rose about 116.7% a year while rent fell about 0.3% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Cleveland County, Arkansas?
61.5% of households in Cleveland County, Arkansas own their home, higher than the Arkansas average of 56.9%.
What is the vacancy rate in Cleveland County, Arkansas?
The housing vacancy rate in Cleveland County, Arkansas is 22.4%, higher than the Arkansas average of 14.0%.